Ethereum price is consolidating above the $1,550 support against the US Dollar. If the bulls fail to protect $1,550 and $1,540, ETH could fall sharply.
Ethereum is struggling to start a recovery wave from $1,550.
The price is trading below $1,585 and the 100 hourly simple moving average.
There are two bearish trend lines forming with resistance near $1,565 and $1,590 on the hourly chart of ETH/USD.
If the bulls defend the $1,550 support area, the pair is likely to start a recovery wave.
Ethereum price faces resistance
Ethereum remains in a bearish zone below the $1,600 resistance area. ETH is still consolidating above the $1,550 support level and showing bearish signs like bitcoin.
The recent low was formed near $1,542 before the price started a consolidation phase. The price surged above the 23.6% Fibonacci retracement level of the key decline from the $1,665 swing high to $1,542 low, but the upside is limited. Ethereum price is consolidating above the $1,550 support against the US Dollar. If the bulls fail to protect $1,550 and $1,540, ETH could fall sharply.
Ethereum is struggling to start a recovery wave from $1,550.
The price is trading below $1,585 and the 100 hourly simple moving average.
There are two bearish trend lines forming with resistance near $1,565 and $1,590 on the hourly chart of ETH/USD (data source from Kraken).
If the bulls defend the $1,550 support area, the pair is likely to start a recovery wave.
Ethereum price faces resistance
Ethereum remains in a bearish zone below the $1,600 resistance area. ETH is still consolidating above the $1,550 support level and showing bearish signs like bitcoin.
The recent low was formed near $1,542 before the price started a consolidation phase. The price surged above the 23.6% Fibonacci retracement level of the key decline from the $1,665 swing high to $1,542 low, but the upside was limited.
A clear break above the $1,600 resistance could trigger a short-term recovery wave. In the mentioned case, Ether might rise and move back towards the $1,665 resistance. Any further gains could open the doors for a move to $1,750.
ETH loses more?
If Ethereum fails to clear the $1,600 resistance, it might continue to fall. An initial support on the downside is near $1,550. The next key support is $1,540. A clear break above the $1,600 resistance could trigger a short-term recovery wave. In the mentioned case, Ether might rise and move back towards the $1,665 resistance. Any further gains could open the doors for a move to $1,750.
ETH loses more?
A break below the $1,540 support could spark another strong decline. In the mentioned case, the price could drop to the $1,420 level. Any more losses could sink Ether to the $1,350 level.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,540
Major Resistance Level – $1,600
